Are you entering crypto market?
Ah the final bag holder! Grats for choosing your role!
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Hah, it depends, in some coint you are very righ, I hope not all.. :D
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I could enter it when Etherneum was for 10$,. and then sell it at 1000$. Now it's pointless.
I won't earn 100x in a year
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Oh, that's a bummer. I did some mining back in 2013 and I am sure glad i did, now i feel like is time to make some diversification and just hodl.. :)
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I literally can not get my head around crypto currency at all. I think i'm just dumb though
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This. I used to think Bitcoin was a great idea. But now cryptocurrencies are just ponzis that for some reason don't identify and aren't identified as such: it makes no sense to have thousands of cryptocurrencies while two of the strengths of Bitcoin were its limited supply (no such thing as limited supply when a new cryptocurrency pops up every day) and the fact that it was one worldwide currency. Not to mention the re-centralization: as far as I know, all the people I know who use cryptocurrencies don't actually manage their wallet themselves, they just stuff all their "decentralized coins" in the equivalent of a bank... But I digress.
And now, just as there's been a escalation in altcoin creation, there is this escalation in power consumption (I can't believe I never saw that one coming...) https://digiconomist.net/bitcoin-energy-consumption
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I keep hearing about these small cities that have cheap hydro or solar electricity available for their citizens, then some coin mining company moves in and soon they have to import electricity and jack the price up!
Things like that make me upset, when I feel like we are a generation or two away from a possible energy crisis. If these companies were building their own solar farms, then fine- but they typically are going where the electricity is cheapest, using a large amount of it, and not investing in the local economy. An entire mining company probably has only 3 workers but uses more electricity than some factories.
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And we thought paying actual money for "virtual ownership" of videogames was laughable....
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Risky investments and meager savings are usually a very bad combination.
I don't mind people investing in all kinds of stuff, but realise Bitcoin is a very risky investment at the moment. If you invest in it, only do it with money you don't need.
Or if you want to sleep comfortably at night: consider every dollar you invest in Bitcoin as lost. That way things can only get better.
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You should have some kind of estimation of inherent value of what you buy. (and compare to its market value)
Otherwise, you just invest blindly.
(+add to your losses or costs:
- time spent * your average wage
- transaction fees)
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Time spent * your average wage is a pretty silly measure of anything. It's free time you're spending, and most people don't make money in their free time.
The question is rather, do you feel that time spent on this is not spent worse than playing a game or posting on SG, and I'd say that in any new endeavour, learning new stuff is pretty interesting and therefore worth the time.
(That said, I'm completely disenchanted with crypto, and while I think that the people putting money directly into it, and not mining, are the least of offenders, they're still encouraging something a sick economy.)
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He's wondering about investing some savings.
So even he's doing it as a hobby, it is always good to have time spent in mind, to gauge one's relative performance.
And time is actually worth much more than time*wage. You can't get it back. It is not extensible ad infinitum. You can't spend it to some other learning, because yes one's will become expert at crypto trading, while he could get expertise in any other fields. Better than commenting on SG or playing games? Maybe. Some games can be more relaxing.
Anyway, that's not the only factor to consider. Just one of them.
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You might want to consider time spent, but calculating it by money is meaningless, because it has nothing to do with the value of your time.
If anything, calculate it as time enjoyment, which is why you're really trying to achieve. It's much harder to do in practice, but whatever result you get will be much more meaningful than time salary.
After all, the money we get beyond necessities is for enjoyment, so investing extra money is purely a matter of how much you enjoy playing with investment vs. how much you'll enjoy the extra money you get from your investment (considering risk) vs. how much enjoyment you might get from using that time otherwise. This has nothing to do with what you make at work.
IMO, that's the only thing one needs to consider, but of course considering what enjoyment you get and detailing the risk makes it quite complex.
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I'm disgusted by the idea of mining. Crypto is okay, has its advantages and disadvantages, but it's still tied to mining, which I feel is an incredibly stupid idea.
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This whole Satoshi Nakamoto is probably nvidia or amd ;-)
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I think cryptocurrency is an awesome concept with the potential to take the control of the monetary supply from the bankers and put it back in the hands of the people. Monero, Skycoin, Steemit, and Stellar are a few that I'm really interested in.
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I think that crypto at this point is like communism. Both are good ideas in theory, but in practice they have yet to prove to be anything but crappy.
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Well ....
Waste of electricity.
It is better to use it for scientific research with the processing capacity of mining.
It is convinced that it is said to be paid points according to contribution to scientific research.
Oh, there was one good point.
When the virtual currency market is over, the graphic board becomes easy. And, we will be able to utilize graphic board for mining for scientific research, everyone will be happy.
A similar story?
Is there BOINC or something?
A few years ago, I was also mining（BOINC/SETI) before being called for power saving in the country due to a major disaster.
Please bring my companion from outer space soon.
In any case, there has been a way from this long ago to provide computing power for the study of illness.
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No.
No.
Seems too risky. I'd rather put it on blue chips or deposit it.
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Don't put any money into crypto that you wouldn't feel comfortable buying lottery tickets with. Crypto is not a safe investment - it can absolutely reach zero value because there is no legal backing to the coins you buy. Any site you use to buy or sell or store coins on can easily just close down without giving you anything in return. This has happened repeatedly in the past and there is nothing you can do to get that money back. You can't sue, you can't get them thrown in jail, you can't do anything.
So in short: crypto is not only gambling on how the markets will turn, it's gambling on whether the people you do business with will be honest enough to not just take your money and leave. It only takes one bad person to fuck up the day for thousands or millions of users. Consider how many bad people are in the world and then decide if it's worth that risk.
(Or just be clever and always store your coins in an offline wallet with multiple backups and never leave a single coin in the hands of any online services you use to buy or sell. Then you're at least limiting yourself to only lose everything when the markets tank.)
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I got 1M dogecoins when they were dirt cheap and now I just wait for its parity with usd. ;-)
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monero is apparently the place to farm with now
but my mining days are over, still have 90$ in my btc wallet that i properly will never spend :/
my lates&i guess final investment was https://www.amazon.de/gp/product/B019J84NJM to just remember the good old days
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I prefer ponzi pyramids the old fashion way, when we were scammed with less energy waste :p
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I have been waiting to enter cryptos with my meager savings for a while.. Now it seems like a good time. Are you already in? Are you thinking about it? Or are you disgusted by this idea? :)
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